Annual activity for GR351 EL 29951, EL 29952, EL 29954 and EL 29955 Glyde River - McArthur Basin Project to 20 November 2014

Abstract

Base metal exploration within these Licences is challenging because of the rugged topography and cover geology. Breccia hosted and stratiform mineralisation trends into the area from outcropping areas, the most notable being the Bald Hills - HYC trend and Western Emu fault. The imputed depths of mineralisation are believed to range from about 200m - 1000m, much of which is below the limit of airborne EM penetration. Ripple has participated with Armour in two major activities within the project area: a Falcon airborne gravity gradiometry survey and drilling of the Lamont Pass-3 (LP3) well. The well was diamond drilled to 1275m on a gravity anomaly adjacent to the Emu fault. The hole was subsequently logged with downhole geophysics including IP. This hole was drilled into adjacent EPM 29837, but has strong implications for the EL's which are the subject of this report. This hole intersected 75m of semi massive pyrite infill and replacements hosted by the Cooley breccia member of the Barney Creek formation. This is considered significant because it demonstrates that the Falcon survey has generated drill targets due to sulphides, and also it demonstrates that a significant hydrothermal sulphide system has mineralised the Barney Creek Formation in the area. The Caranbirini member of the Lynott formation is considered to be a secondary base metal target because of its abundance of laminated pyrite, its occasional zinc- lead anomalism and numerous occurrences of infill mineralisation occur up to its base. Other highly reduced organic dolomitic sediments considered highly prospective are within the Wollogorang and the McDermott formations. It is considered that several other gravity features could be due to sulphide accumulations, but there remains a difficulty in ranking them prior to drilling. The depth to target needs to be better estimated, and the likelihood of base metals rather than pyrite is also a factor to consider. Ongoing work is planned for the EL. This includes further modelling of the Falcon gravity data and trials of leakage geochemistry over selected gravity features. The purpose of this next stage is to rank prospective gravity features for future drilling.